In 1996, the two countries signed an agreement, according to which Iran would supply 10 billion cubic meters of gas annually to Turkey.

Under the agreement, Iran should export about 27.3 million cubic meters of gas per day to its northwestern neighbor.

In October 2013, Turkish Energy Minister Taner Yildiz said that Turkey is importing 10 billion cubic meters of gas a year from Iran but would buy more if it were available.

Turkey will also import at least 5 million tons (100,000 barrels per day) of Iranian crude in 2014, the same amount that it purchased last year, since any more cuts in the volume from Iran would “threaten” the country’s economy, Hurriyet Daily News quoted Yildiz as saying.

“Now we are importing about 5 million tons, and if we [reduce] that, then that would threaten our energy supply security,” he added.